ABSTRACT
Since Hyman Minsky’s death in 1996, much has been written about financialisation. This chapter - by means of the synthesis, interpretation and assessment of an extensive literature - explores the issues that Minsky examined in the last decade of his life and considers their relationship to the financialisation literature. At the heart of those issues is what Minsky called money manager capitalism, which he viewed through the lens of a theory of capitalist development inherited from Joseph Schumpeter. Advancing our understanding of the history of financial economics, the chapter shows how Minsky contributed to - indeed, anticipated much of - the study of financialisation. The article also identifies two sources of Minsky’s insightfulness: treatment of economics as a grand adventure and willingness to step beyond the world of theory. Today, economists with a Minsky perspective face formidable challenges, but, as Minsky often stressed, economic systems are not natural systems: we can reshape them to achieve a more humane world.
